EMI facility on UPI payments allows customers to convert their transactions into manageable installments, offering flexibility in making larger purchases. The service is applicable for both online and offline transactions, catering to a wide range of customer needs. This move by Bank of Baroda is seen as a significant enhancement in the digital payment ecosystem, especially during the festive season.

Ravindra Roy, Wholetime Director of BOB Card Limited, emphasized the importance of providing additional services to customers through innovative solutions like EMI on UPI payments. While EMI options offer convenience, it is essential for users to exercise caution and consider their financial capabilities before opting for such services.

Experts advise comparing interest rates and terms across different banks and UPI apps to make informed decisions regarding EMI payments. Choosing a suitable tenure aligned with one’s financial situation and repayment preferences can help manage the overall cost effectively.

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1. Suryoday Small Finance Bank: Offering 9.10% interest on 5-year FDs for regular customers and 9.60% for senior citizens.
2. Unity Small Finance Bank: Providing 9% interest on 1001-day FDs for general customers and 9.50% for senior citizens.
3. Fincare Small Finance Bank: Extending 8.51% interest on 1000-day FDs to regular customers and 9.11% to senior citizens.
4. Equitas Small Finance Bank: Offering 8.50% interest on 888-day FDs for general customers and 9% for senior citizens.
5. ESAF Small Finance Bank: Providing 8.50% interest on 2 to less than 3-year FDs for regular customers and 9% for senior citizens.
6. Jana Small Finance Bank: Extending 8.50% interest on 500-day FDs to general customers and 9% to senior citizens.
7. Utkarsh Small Finance Bank: Offering 8.25% interest on 1000 to 1500-day FDs for general customers and 8.85% for senior citizens.
8. Ujjeevan Small Finance Bank: Providing 8.25% interest on 560-day FDs to regular customers and 8.85% to senior citizens.
9. Shivalik Small Finance Bank: Extending 8.15% interest on 24 to 36-month FDs for regular customers and 8.65% for senior citizens.
10. AU Small Finance Bank: Offering 7.75% interest on 24 months 1 day to 36-month FDs for regular customers and 8.25% for senior citizens.

These small finance banks are providing competitive interest rates on FDs, catering to the diverse needs of customers looking to grow their savings securely.

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